Corporate Governance Issues and Fraud

I am writing this article to help retail investor to identify corporate governance issues or fraud in particular stock as well as impact of that corporate governance issues or fraud in particular stock in the long term. If you are expert and know very well about corporate governance issues or fraud then you can skip this article or add your input in comment section.

               Retail investor listens term corporate governance lot of time but not able to understand corporate governance in depth . If we go through any of the company’s annual report then there will be report on corporate governance and mostly it would have mentioned that we follow highest level of corporate governance standard but we have to check , does it really follow highest standard of corporate governance ? We, as retail investor have to identify corporate governance level followed by the company , then only invest in that company. I believe corporate governance level check is first criteria then check for other valuation criteria. 

               Being a value investor, we try to find cheapest available stocks , sometime we use some magic formulas as well. If we analyse Indian stock market then you will come across lot of cheap stocks but cheap stock does not automatically qualify as value stock . We have to pick value stock from lot of garbage cheap stocks available in stock market. Half knowledge about value investing is more dangerous than no knowledge about value investing. Since , if one do not know anything about equity stock analysis he may choose to go through relatively safe root of mutual fund ,else he may consider some of dirt cheap stock as value stock which are in reality value trap . Whatever methodology you follow to choose value stock , follow it ,but  first you should check corporate governance level . I mean to say if corporate governance level is quite low and company looks quite good candidate for a real value buy on other value buy parameters , then we should avoid this stock.

               How does promoters cheat investor ? how fraud happen in the company  ?

              

               Promoter can cheat investor in n number of ways and they will continue to invent new ways to cheat . I have identified following ways to cheat investor with symptoms to identify it . Please note that these symptoms are starting point to identify corporate governance issues or fraud and it is not end point . These symptoms should be analysed with other factors .

1.      Manipulated profit type-I:- Company is showing good growth in Profit (PAT) without actual cash generated by the company.

Symptoms :- We can identify this type of fraud by analysing cash flow statement along with P&L statement . If a company shows good PAT number but same is not translated in “cash flow from operations” then that is alarming sign . Please remember this is starting point of your analysis for identifying fraud company and not conclusion .

To be sure, negative cash flow from operations isn't always bad but in Indian stock market context it is bad in most of the cases.

               There is cash flow statement section in every annual report where “Cash Flow From Operating Activities” figure is arrived from adjustment in PAT figure . e.g. Depreciation, Inventories, Receivables  etc.  One should determine the source of the cash haemorrhage then come to any conclusion . This can be itself covered in one article itself.

2.      Manipulated profit type-II:- Company is showing good growth in Profit (PAT) with positive cash flow.

Symptoms :- This type companies shows good growth in Profit , even cash flow is positive .So get skips from earlier mentioned fraud category. However, in  this category you will see low Debtors' Turnover Ratio.  If Debtor’s Turnover Ratio is low then you can smell of something cooking . Sundry Debtors is field of balance sheet which indicated how much amount is due from customers and other parties(Receivables). We can describe Sundry Debtors as Udhari in hindi. Most of the fraud companies shows growth in PAT , because of increased in Sundry Debtors. It is quite easy to manipulate PAT by Sundry Debtors (Udhari) . These fraud companies increases Sundry Debtors amount each and every year but after few years write-off it .I don’t say Sundry Debtors is bad for every  company since some sector will have high Debtors' Turnover Ratio and some will have low . E.g . construction sector companies usually will have low Debtors' Turnover Ratio since they have to deal with government . Dues from government will be get delayed but will not be defaulted. Best way to compare company with peer in same sector.

You will see lot of companies are even trading below PE level of 3 , cash flow is positive and you start to believing this company is available very cheap . You will always wonder why this kolaveri  with this particular stock ? But, when you see Debtor’s Turnover Ratio is quite low , which indicate low quality of profit. You will easily come to conclusion why this kolaveri  is.

3.      Non existing cash :- This is the category where value investor should be more careful before investing . Company shows lot of cash in the balance sheet but in reality that does not exists. Satyam fraud is example of this.

Symptoms :- Very hard to determine if auditor is unaware or involved in the fraud . Large cap companies has to use few complicated trick for fraud and small cap companies  can even make fraud with some obvious tricks . Some of the example of this category is, cash in overseas bank a/c which is not known reputed bank . Bank in tax heaven country . If bank is India then it is non-schedule bank. Some times this type category company transfers cash (exist/non-exist) from company to subsidiary company at more than comfortable level price. e.g         T*n** Sol***** 

4.      Operator Driven Stock :- This type of category is dangerous when promoter is also involved in it .Many times stocks operators could have been involved for price manipulation even without knowledge of promoter .              Sometimes, good stock also get manipulated by stock operator.            

                         Symptoms :- Complete mismatch in stock valuation and fundamental .

5.      Money Laundering :- This type of companies are only use to convert black money to white money.

Symptoms :-  To be franked it is quite difficult for my level of person to distinguish real money generated by the company or by the money laundering.

Many of these so-called small & mid cap software/IT companies were known to be using the Hawala route in order to show income from software exports. Such companies do not even be having the requisite infrastructure or the requisite personnel required running a software company forget aside the any export orders. The next step is to set up a subsidiary abroad by renting a place or just even employing a person to conduct the operations. Most of the exports are done to duty free ports such as Hong Kong, Singapore or Dubai where the money can be remitted back. After that, the promoters conduct Hawala transactions by paying cash over here and getting dollars from abroad through the subsidiary. The same dollars transferred from abroad are shown as software exports in the company's books. In this way the company is able to report decent sales figures in its balance sheet by the way of export income.

The next step is to catch a flamboyant market operator through whom rumours about the company can be floated in the market. The share broker or the operator then spreads stories such as the company has got big software development orders or tie-ups and is going to report excellent profits. Naturally, the bogus export income drives up the net profit reflecting a healthy Earnings Per Share for the company. Since, the P/E of the company appears to be quite low in comparison with the industry standards; the stock appears to be an excellent buy.

The market operators start providing liquidity in the counter and consequently the volumes in the counter start rising. Many of the deals take place between two or three operators itself who start creating a demand for the stock. The stock price of the company is jacked up touching three to five upper circuits in succession. The promoters taking advantage of this situation start dumping their own stock to the small investors who in turn enter to buy. In the end we have the small investors who are left holding the stock which they have purchased at the high prices.

Money Laundering is very well explained at http://www.indiaforensic.com/software_laundering.htm  & http://www.indiaforensic.com/software_hawala.htm

I have discussed few types of fraud in Indian stock market context but fraud promoter are very smart and will invent new ways to loot investor.

Most of the retail investor who invest directly concentrate more on EPS & profit growth and do not pay required attention to quality of the profit . This is the way they fall in trap . Now , Rajiv Gandhi Equity Savings Scheme (RGESS), announced in the Union Budget will encourage more investor to invest in equity (probably directly) , same time fraud promoter will see more opportunity to trap retail investor. You might have heard that how much wealth one could have created if he had invested in Wipro in 1980’s (unluckily, I was not born) and Infosys 1994-95(I was not in stock market) . I just tried to show both side of the coin I do not want to spread negativity about stock market. I just want to educate retail investor with whatever little knowledge I do have. Above mentioned checks are just starting point for checking corporate governance level , there are many other factors which determine corporate governance level of the company.

I have provided list of the companies which are down more than 80% from their pick level of 3 year / 5 year high in bottom of this article. If one had done above mentioned checks 3-5 years back, then at least 80% stock in following list could have been failed for good investment candidate that time . So, One could have easily avoided big disaster investment mistake by checking corporate governance level. This list will also give chance to value investor to identify stocks which are down by just business reason and capable of turning around those business .  

Before you fall asleep due to long article and stock list. click here for subscription. It is absolutely free.

Disclaimer :- This is the just list of companies which are down more than 80% from 3 year high as per best of my knowledge . I do not claim any of the company is fraud . It is up to investor to take call based on data submitted by company to stock exchanges . 

Stock	Market Cap	Stock price	Down from 3 year High
Mahan Industries Ltd	5.04	N.A	-99.88
Teledata Technology Solutions Ltd	12.49	0.25	-99.62
Sigrun Holdings Ltd	34.25	0.61	-99.27
Coral Hub Ltd	9.29	3.6	-99.21
Prraneta Industries Ltd	24.15	1.05	-98.79
Nu Tek India Ltd	12.21	0.81	-98.69
Mavens Biotech Ltd	25.83	2.39	-98.62
Prabhav Industries Ltd	12.94	2.6	-98.58
Yantra Natural Resources Ltd	37.35	0.69	-98.52
Avance Technologies Ltd	15.37	0.23	-98.15
Alka Securities Ltd	4.03	0.44	-98.14
Sampada Chemicals Ltd	4.96	9.8	-98.03
PFL Infotech Ltd	11.74	16	-97.98
Well Pack Papers & Containers Ltd	21.65	2.8	-97.86
Greenearth Resources & Projects Ltd	39.48	1.3	-97.82
Spectacle Infotek Ltd	17.1	3.45	-97.78
Sterling International Enterprises Ltd	256.47	9.64	-97.37
Koutons Retail India Ltd	39.72	13	-97.36
Farmax India Ltd	34.61	1.22	-97.29
SVC Resources Ltd	25.92	3.92	-97.09
Trinethra Infra Ventures Ltd	6.46	1.82	-97.09
Octant Industries Ltd	19.53	7.32	-97
Anjani Synthetics Ltd	12.64	N.A	-96.91
Emami Infrastructure Ltd	45.56	18.55	-96.84
B&B Realty Ltd	11	7	-96.82
Aster Silicates Ltd	12.99	8.78	-96.63
Empower India Ltd	48.15	0.45	-96.33
Adinath Bio-Labs Ltd	23.39	1.07	-96.01
Filatex Fashions Ltd	6.17	4.63	-95.97
Nexxoft Infotel Limited	12.6	10.11	-95.73
Piramal Life Sciences Ltd	22.27	8.6	-95.71
S V Electricals Ltd	19.05	9.06	-95.58
KGN Industries Ltd	437.21	18.8	-95.54
FCS Software Solutions Ltd	42.21	0.4	-95.53
REI Six Ten Retail Ltd	175.64	11.94	-95.47
Dalmia Bharat Sugar & Industries Ltd	109.28	13.7	-95.4
Jai Mata Glass Ltd	10.4	1.07	-95.16
Resurgere Mines & Minerals India Ltd	41.76	0.2	-95.16
Vertex Spinning Ltd	9.96	0.49	-95.1
Vaishnavi Gold Ltd	9.21	4.45	-94.76
Ramsarup Industries Ltd	22.84	6.4	-94.71
Iris Mediaworks Ltd	69.07	6.59	-94.66
R M Mohite Industries Ltd	42.21	20.3	-94.66
Walchand Peoplefirst Ltd	20.62	68.05	-94.6
Rishabhdev Technocable Ltd	6.73	2.56	-94.53
Gujarat Metallic Coal & Coke Ltd	7.5	35.5	-94.49
Cat Technologies Ltd	15.73	1.89	-94.37
Acil Cotton Industries Ltd	6.2	0.27	-94.3
Ankur Drugs & Pharma Ltd	28.53	14.4	-94.28
Unitech International Ltd	8.21	8.13	-94.26
Vaghani Techno-Build Ltd	4.74	8.66	-94.18
Jupiter Bioscience Ltd	57.62	8.88	-94.06
Raj Packaging Industries Ltd	4.82	12.15	-94.04
G-Tech Info Training Ltd	5.1	0.53	-93.98
Beckons Industries Ltd	6.59	0.81	-93.95
Euro Multivision Ltd	12.14	4.89	-93.93
ATV Projects India Ltd	16.79	3.01	-93.89
Gandhinagar Hotels Ltd	11.97	16.6	-93.85
Glory Polyfilms Ltd	16.29	2.69	-93.84
Nextgen Animation Mediaa Ltd
Midvalley Entertainment Ltd	32.24	9.61	-93.74
Anus Laboratories Ltd	42.79	1.77	-93.7
Aadi Industries Ltd	4.79	4.8	-93.67
GSL Nova Petrochemicals Ltd	6.43	2.44	-93.67
XL Energy Ltd	12.18	4.87	-93.53
Sterling Biotech Ltd	277.81	9.66	-93.42
Bedmutha Industries Ltd	39.75	19.45	-93.32
Kohinoor Broadcasting Corporation Ltd	7.16	0.6	-93.24
Shree Ashtavinayak Cine Vision Ltd	292.77	3.48	-93.16
Dunlop India Ltd	70.11	9.74	-92.95
Thinksoft Global Services Ltd	41.31	40.75	-92.88
ARSS Infrastructure Projects Ltd	161.16	104.2	-92.73
GCV Services Ltd	11.14	1.16	-92.73
KLG Systel Ltd	28.83	22.1	-92.73
ICSA (India) Ltd	85.47	16.95	-92.65
Alkali Metals Ltd	30.34	29.35	-92.64
Evinix Industries Ltd	4.07	0.38	-92.56
Rockon Fintech Ltd	28.41	1.73	-92.53
Tanla Solutions Ltd	69.43	6.55	-92.5
Temptation Foods Ltd	15.13	3.66	-92.48
Geefcee Finance Ltd	20.68	18.45	-92.44
PVP Ventures Ltd	116.64	4.55	-92.44
Refex Refrigerants Ltd	5.45	3.7	-92.37
Supertex Industries Ltd	4.73	4.03	-92.36
SKS Microfinance Ltd	858.55	117.05	-92.18
Tirupati Inks Ltd	7.42	4.91	-92.03
Remi Metals Gujarat Ltd	43.26	4.01	-91.99
Next Mediaworks Ltd	20.03	3.5	-91.81
Allied Digital Services Ltd	107.88	22.95	-91.8
Shree Precoated Steels Ltd	31.46	3.73	-91.72
Sand Plast (India) Ltd	5.85	N.A	-91.7
Sujana Metal Products Ltd	77.37	3.88	-91.65
Syncom Healthcare Ltd	55	13.6	-91.6
Indowind Energy Ltd	53.93	5.84	-91.57
Birla Shloka Edutech Ltd	17.01	7.84	-91.54
Zigma Software Ltd	9.6	2.36	-91.42
GTL Ltd	405.62	41.2	-91.39
AcroPetal Technologies Ltd	53.67	13.4	-91.38
Valuemart Info Technologies Ltd	16.73	2.53	-91.25
JMD Telefilms Industries Ltd	96.97	13.45	-91.19
Bheema Cements Ltd	41.25	14.6	-91.15
Midfield Industries Ltd	51.28	40.8	-91.11
Richa Industries Ltd	23.62	14.3	-91.1
Todays Writing Instruments Ltd	5.32	3.96	-91.01
Weizmann Ltd	14.7	8.44	-90.79
K S Oils Ltd	336.07	7.42	-90.78
Websol Energy System Ltd	41.74	18.45	-90.77
Tulsi Extrusions Ltd	23.12	8.26	-90.77
Raj Oil Mills Ltd	45.8	12.48	-90.64
Edserv Softsystems Ltd	75.67	29.05	-90.63
Lakshmi Energy & Foods Ltd	114.71	16.65	-90.54
Aarya Global Shares & Securities Ltd	29.92	2.87	-90.52
Priyadarshini Spinning Mills Ltd	16.1	13.4	-90.41
Radhe Developers (India) Ltd	25.58	10.53	-90.38
Greycells Education Ltd	12.02	N.A	-90.32
Exelon Infrastructure Ltd	11.66	8.51	-90.27
Chandni Textiles Engineering Industries Ltd	21.47	1.41	-90.24
Nakoda Ltd	208.12	9.11	-90.23
Dharnidhar Global and Infraprojects Ltd	8.09	9.22	-90.18
Infomedia 18 Ltd	43.11	8.8	-90.18
SEL Manufacturing Company Ltd	124.16	10.92	-90.15
Koffee Break Pictures Ltd	5.98	0.44	-90.13
Samyak International Ltd	11.28	18.35	-90.03
Concurrent (India) Infrastructure Ltd	14.81	3.51	-90
Devine Impex Ltd	5.08	9.9	-90
Swasti Vinayaka Synthetics Ltd	11.9	1.67	-89.99
Sancia Global Infraprojects Ltd	26.69	6.03	-89.99
Surya Chakra Power Corporation Ltd	36.96	2.45	-89.94
Subhkam Capital Ltd	54.13	105.15	-89.93
Vertex Securities Ltd	33.3	8.07	-89.81
CNI Research Ltd	17.37	2.61	-89.76
Ashco Niulab Industries Ltd	12.61	1.8	-89.71
Clarus Infrastructure Realties Ltd	46.73	26.75	-89.71
Zenith Infotech Ltd	50.66	39.65	-89.71
GSS Infotech Ltd	72.54	51.45	-89.67
Hiran Orgochem Ltd	17.46	1.7	-89.56
Bhoruka Aluminium Ltd	15.49	2.83	-89.52
IOL Netcom Ltd	16.09	5.69	-89.47
Cranes Software International Ltd	33.79	2.91	-89.47
Money Matters Financial Services Ltd	275.2	84.95	-89.46
Kiri Industries Ltd	175.75	92.4	-89.45
Times Guaranty Ltd	17.53	19.2	-89.4
Triveni Engineering and Industries Ltd	398.46	15.25	-89.33
Cura Technologies Ltd	47.66	48.75	-89.25
Rotam Commercial Ltd	17.05	16.5	-89.22
Indiaco Ventures Ltd	16.65	9.35	-89.13
Ras Propack Lamipack Ltd	8.87	8.15	-89.09
Mascon Global Ltd	28.28	0.77	-89.09
BSEL Infrastructure Realty Ltd	25.78	3.14	-89.08
Indage Vintners Ltd	25.03	N.A	-89.05
Systematix Corporate Services Ltd	45.2	34.45	-89.03
Interworld Digital Ltd	4.78	0.59	-89.01
Ajel Ltd	7.55	6.77	-88.97
Ashapura Minechem Ltd	75.45	10.05	-88.83
Marg Projects & Infrastructure Ltd	8.18	N.A	-88.75
Comfort Intech Ltd	64.3	2.03	-88.74
Triton Corp. Ltd	4.4	0.22	-88.72
Prajay Engineers Syndicate Ltd	42.59	5.8	-88.72
Birla Power Solutions Ltd	111.03	0.52	-88.71
Tatia Global Venture Ltd	58.52	3.7	-88.69
Binny Ltd	60.26	N.A	-88.63
Gyscoal Alloys Ltd	20.04	12.78	-88.58
Northgate Technologies Ltd	33.87	6.84	-88.58
NTC Industries Ltd	20.43	18.3	-88.56
Prime Property Development Corporation Ltd	30	14.85	-88.49
Jai Balaji Industries Ltd	260.22	39.05	-88.38
Parle Software Ltd	22.19	17	-88.36
Rich Universe Network Ltd	14.57	20.3	-88.33
Mindvision Capital Ltd	10.23	9.8	-88.26
Karuturi Global Ltd	372.14	4.55	-88.23
Bang Overseas Ltd	19.73	14.8	-88.17
Everest Kanto Cylinder Ltd	315.02	28.9	-88.17
Arcadia Mercantile Capital Ltd	4.97	7.61	-88.11
V2 Retail Ltd	26.88	11.8	-88.01
Alps Industries Ltd	8.57	1.99	-87.99
SAAG RR Infra Ltd	10.65	5.43	-87.85
Rama Paper Mills Ltd	13.43	13.25	-87.82
Sky Industries Ltd	8.42	20.15	-87.79
Sezal Glass Ltd	52	16.25	-87.75
Ravikumar Distilleries Ltd	27.53	11.61	-87.74
Celebrity Fashions Ltd	9.39	4.83	-87.7
Zandu Realty Ltd	128.95	1,579.45	-87.63
Paramount Communications Ltd	22.05	2.31	-87.53
Falcon Tyres Ltd	103.09	29.35	-87.45
Asahi Infrastructure & Projects Ltd	9.3	2.67	-87.33
Agro Dutch Industries Ltd	26.48	4.81	-87.27
Urja Global Ltd	99.98	23.15	-87.14
Nuchem Ltd	5.07	1.69	-87.03
Zee News Ltd	245.08	10.15	-86.99
BLS Infotech Ltd	6.57	0.14	-86.96
Quintegra Solutions Ltd	5.95	2.17	-86.89
Cantabil Retail India Ltd	27.43	16.95	-86.85
DMC Education Ltd	9.7	3.92	-86.72
K Sera Sera Ltd	65.71	3.19	-86.65
Baid Global Ventures Ltd	9.02	39.15	-86.63
Texmo Pipes & Products Ltd	53	21.8	-86.62
Choice International Ltd	23.66	31.8	-86.61
Nimbus Foods Industries Ltd	6.86	1.4	-86.43
Goldstone Technologies Ltd	12.77	6.56	-86.41
Asian Electronics Ltd	25.21	6.96	-86.33
Link House Industries Ltd	10.71	N.A	-86.31
Vedavaag Systems Ltd	5.75	6.1	-86.26
Samtel Color Ltd	30.78	3.58	-86.22
Veer Energy & Infrastructure Ltd	26.31	3.73	-86.17
MIC Electronics Ltd	87.74	8.28	-86.14
B A G Films & Media Ltd	69.38	4.21	-86.09
Windsor Machines Ltd	100.92	15.3	-86.09
Bombay Talkies Ltd	6.1	N.A	-85.96
Crew B.O.S. Products Ltd	40.84	29.1	-85.93
Kaashyap Technologies Ltd	13.15	0.2	-85.91
Moser Baer (India) Ltd	275.17	16.3	-85.9
Shree Rajeshwaranand Paper Mills Ltd	5.1	N.A	-85.86
Zee Learn Ltd	386.69	14.32	-85.84
Euro Ceramics Ltd	27.36	9.94	-85.78
Empee Sugars & Chemicals Ltd	48.85	11.96	-85.75
Nagarjuna Agrichem Ltd	81.95	54.95	-85.75
Bajaj Hindusthan Ltd	1,985.34	29.4	-85.71
AML Steel Ltd	8.36	N.A	-85.71
BF Investment Ltd	169.09	42.7	-85.67
Panoramic Universal Ltd	65.69	8.29	-85.65
Indiabulls Securities Ltd	212.66	8.77	-85.64
3i Infotech Ltd	297.58	15.2	-85.64
Indosolar Ltd	162.54	4.41	-85.62
Silverline Technologies Ltd	12.78	2.09	-85.59
Ennore Coke Ltd	36.19	22.65	-85.57
Rama Newsprint & Paper Ltd	45.31	7.85	-85.56
MVL Ltd	517.03	8.2	-85.51
Excel Infoways Ltd	67.56	19.2	-85.45
IKF Technologies Ltd	45.64	1.02	-85.29
Satra Properties (India) Ltd	75.67	4.4	-85.21
BLB Ltd	18.25	3.5	-85.14
ABL Bio-Technologies Ltd	4.03	4.9	-85.13
Modern Dairies Ltd	29.76	12.69	-85.11
Vax Housing Finance Corporation Ltd	15.64	12.42	-85.1
Zenith Birla (India) Ltd	55.27	4.18	-85.09
Consolidated Construction Consortium Ltd	290.14	15.75	-85.07
Proto Developers & Technologies Ltd	6.97	0.48	-85
M K Exim (India) Ltd	6.45	9.13	-84.93
Transwarranty Finance Ltd	19.6	8.74	-84.91
Flawless Diamond (India) Ltd	8.84	0.58	-84.88
Gammon India Ltd	592.88	41.9	-84.83
Sujana Towers Ltd	392.44	6.88	-84.8
Cambridge Solutions Ltd	194.39	16.5	-84.78
JCT Electronics Ltd	60.7	0.76	-84.76
Century Extrusions Ltd	18.56	2.2	-84.72
Tarapur Transformers Ltd	32.27	14.7	-84.71
Texmaco Infrastructure & Holdings Ltd	342.71	27.05	-84.68
Bhilwara Technical Textiles Ltd	31.71	5	-84.66
Sterling Green Woods Ltd	4.44	10.15	-84.58
Welspun Projects Ltd	124	30.9	-84.58
Fineotex Chemical Ltd	59.46	54.25	-84.56
Electrotherm (India) Ltd	72.15	64.8	-84.55
Shree Ganesh Forgings Ltd	4.3	N.A	-84.51
V B Desai Financial Services Ltd	4.53	10.25	-84.34
Nicco Corporation Ltd	17.68	1.55	-84.21
Almondz Global Securities Ltd	32.1	13.3	-84.16
Reliance Broadcast Network Ltd	423.92	49.1	-84.09
Dhanus Technologies Ltd	125.05	2.11	-84.06
Reliance MediaWorks Ltd	354.2	73.95	-84.04
Great Offshore Ltd	360.57	93.8	-84.03
RDB Realty & Infrastructure Ltd	25.92	24	-84
Kwality Dairy (India) Ltd	751.84	36.85	-83.91
Modern India Ltd	154.52	39.8	-83.89
Future Market Networks Ltd	34.52	30.8	-83.82
G V Films Ltd	19.17	0.53	-83.79
Country Condos Ltd	12.03	1.6	-83.76
Dishman Pharmaceuticals and Chemicals Ltd	370.01	45	-83.62
KLG Capital Services Ltd	10.98	31.25	-83.57
Shristi Infrastructure Development Corporation Ltd	265.07	105	-83.56
Secunderabad Healthcare Ltd	32.15	6.99	-83.55
Shah Alloys Ltd	14.49	6.87	-83.53
JIK Industries Ltd	33.78	4.55	-83.52
Venus Power Ventures (India) Ltd	25.1	14.16	-83.52
Orient Abrasives Ltd	86.71	6.95	-83.51
UB Engineering Ltd	66.74	39.7	-83.48
DQ Entertainment International Ltd	187.5	23.2	-83.43
Usha Martin Education & Solutions Ltd	30.78	10.63	-83.36
Biopac India Corporation Ltd	7.75	4.41	-83.33
Twenty First Century Management Services Ltd	8.2	7.5	-83.3
Jumbo Bag Ltd	10.37	13.3	-83.28
A.K.Capital Services Ltd	109.86	159.6	-83.26
Mahalaxmi Rubtech Ltd	51.77	5.71	-83.21
Sambhaav Media Ltd	11.54	N.A	-83.15
Microsec Financial Services Ltd	74.75	24	-83.13
OnMobile Global Ltd	708.23	57.55	-83.12
JMG Corporation Ltd	5.22	N.A	-83.1
Sanraa Media Ltd	10.76	0.09	-83.02
Neha International Ltd	142.04	47.75	-82.98
Computer Point Ltd	4.95	1.58	-82.94
D B Realty Ltd	2,072.58	81.25	-82.93
Aarey Drugs & Pharmaceuticals Ltd	20.48	13.75	-82.8
Unimin India Ltd	5.75	2.9	-82.79
Sir Shadi Lal Enterprises Ltd	17.54	33.4	-82.72
Saboo Sodium Chloro Ltd	11.64	8.71	-82.7
Dolphin Offshore Enterprises (India) Ltd	140.28	83.15	-82.68
Jhagadia Copper Ltd	16.51	N.A	-82.61
LCC Infotech Ltd	5.7	N.A	-82.61
Symphony Ltd	798	219.25	-82.53
Suzlon Energy Ltd	4,496.70	26.15	-82.45
Landmark Property Development Company Ltd	25.75	1.95	-82.41
Bartronics India Ltd	120.2	34	-82.34
IEC Education Ltd	16.36	11.28	-82.32
Sanwaria Agro Oils Ltd	993.54	26.05	-82.29
SSPDL Ltd	17.65	12.85	-82.28
Punj Lloyd Ltd	1,834.85	52.9	-82.28
Niraj Cement Structurals Ltd	17.97	16.5	-82.26
Mavi Industries Ltd	6.62	8.5	-82.25
Murli Industries Ltd	159.7	21.1	-82.23
Venlon Enterprises Ltd	16.72	3.2	-82.22
Madhur Industries Ltd	5.93	14.8	-82.17
Kalyani Steels Ltd	228.12	51.2	-82.17
Radha Madhav Corporation Ltd	17.34	5.13	-82.16
Twilight Litaka Pharma Ltd	91.56	36.35	-82.16
Arnav Corporation Ltd	4.86	8.98	-82.04
Confidence Petroleum India Ltd	128.11	4.85	-82.04
Gayatri BioOrganics Ltd	24.9	N.A	-81.99
Lotus Eye Care Hospital Ltd	17.33	8.56	-81.97
Prakash Industries Ltd	620	43.95	-81.97
Diamant Infrastructure Ltd	40.48	12.1	-81.94
Surat Textile Mills Ltd	31.98	1.5	-81.91
REI Agro Ltd	1,183.13	12.35	-81.89
Sanguine Media Ltd	11.87	1.09	-81.74
Classic Diamonds (India) Ltd	21.56	5.46	-81.68
Logix Microsystems Ltd	21.66	17.25	-81.67
Powersoft Global Solutions Ltd	12.87	2.98	-81.66
Accentia Technologies Ltd	98.24	67.9	-81.65
Ester Industries Ltd	122.66	19.15	-81.61
Kingfisher Airlines Ltd	956.01	16.65	-81.59
Deccan Chronicle Holdings Ltd	721.92	33.6	-81.56
I Engineering Solutions Ltd	6.99	7.78	-81.51
Cals Refineries Ltd	165.88	0.2	-81.48
VBC Industries Ltd	30.77	6.39	-81.41
Aqua Logistics Ltd	380.7	12.58	-81.36
Arihant Foundations & Housing Ltd	41.84	N.A	-81.34
Educomp Solutions Ltd	1,855.69	190.3	-81.33
Rana Sugars Ltd	54.06	3.38	-81.32
Mayur Leather Products Ltd	15.55	30.7	-81.31
Sat Industries Ltd	38.9	9.5	-81.3
Shalimar Wires Industries Ltd	5.8	8.01	-81.29
Indo Bonito Multinational Ltd	7.28	2.79	-81.25
Eastern Silk Industries Ltd	30.55	3.82	-81.23
Avon Corporation Ltd	15.89	2.48	-81.21
Decolight Ceramics Ltd	14.99	3.05	-81.18
Amrapali Industries Ltd	24.22	4.84	-81.15
Eastern Gases Ltd	14.31	15.95	-81.15
Gogia Capital Services Ltd	7.88	N.A	-81.09
LN Industries India Ltd	74.89	8.12	-81.06
Jyoti Structures Ltd	319.76	37.75	-80.99
Gupta Synthetics Ltd	4.04	5.33	-80.96
Rama Pulp & Papers Ltd	8.66	7.65	-80.95
Oswal Minerals Ltd	20.03	N.A	-80.94
Amit Spinning Industries Ltd	7.04	1.64	-80.89
Mastek Ltd	244.4	88.85	-80.84
Shreyas Intermediates Ltd	9.11	5.88	-80.81
Patel Engineering Ltd	738.48	101.4	-80.79
Camson Bio Technologies Ltd	89.02	48.45	-80.77
Dharani Sugars & Chemicals Ltd	71.12	25.15	-80.75
Hittco Tools Ltd	5.18	9.99	-80.71
KCL Infra Projects Ltd	47.03	17	-80.64
Birla Cotsyn India Ltd	69.38	0.26	-80.62
United Breweries (Holdings) Ltd	448.03	67.5	-80.62
GTL Infrastructure Ltd	944.9	9.58	-80.58
Allsec Technologies Ltd	17.53	11.58	-80.55
Network 18 Media & Investments Ltd	525.08	37.15	-80.55
SPL Industries Ltd	6.99	2.52	-80.53
Cybermate Infotek Ltd	5.25	0.85	-80.5
Marksans Pharma Ltd	60.69	1.63	-80.49
B.L.Kashyap & Sons Ltd	211.36	10.14	-80.47
Gontermann Peiper (India) Ltd	15.87	10.5	-80.45
Welspun Investments & Commercials Ltd	11.86	33.25	-80.44
Tirupati Sarjan Ltd	21.86	9.11	-80.43
NRC Ltd	14.27	3.85	-80.43
Ranklin Solutions Ltd	7.74	5.85	-80.42
New Delhi Television Ltd	254.03	37.15	-80.4
Birla Precision Technologies Ltd	19.23	5.91	-80.37
Andrew Yule & Company Ltd	751.78	19.35	-80.34
Laffans Petrochemicals Ltd	8.38	10	-80.33
Kaushalya Infrastructure Development Corpn Ltd	13.69	7	-80.29
Integrated Technologies Ltd	4.64	N.A	-80.2
Southern Online Bio Technologies Ltd	24.02	6.72	-80.18
UT Ltd	7.64	8.2	-80.1
Country Club (India) Ltd	59.39	6.47	-80.09
Karma Industries Ltd	199.82	63.7	-80.05
Housing Development & Infrastructure Ltd	3,580.36	82.15	-80.04
Punjab Woolcombers Ltd	12.98	3.94	-80.04
Hubtown Ltd	1,333.69	180.55	-80.01
SQL Star International Ltd	15.13	4.79	-80
Innovassynth Investments Ltd	9.71	4	-80